Getting Paid

Once you have landed a contract and agreed upon payment terms, find out how the internal accounting processes work. Some companies require a purchase order be created against which to pay your invoices. Some will pay just upon the submission of invoices. Many companies pay 30 days from the date of the invoice. Not understanding this process can cause you a lot of unnecessary frustration.

Check your contract, if you have one, as some of the terms will be spelled out there. You will probably submit your invoices to the person who 'hired' you so that they can verify and approve payment. Be pleasant as you clarify this information. The last thing you want to do is annoy the people who get you paid. To make your life more pleasant and speed the processing of your invoices, find out;

• How often you can invoice if the schedule was not set out in the contract.
• What information is required on the invoice to make it payable.
• Who in the Accounting department processes invoices and prepares checks for payment.
• What the Accounting person will need in order to be able to process and pay your invoices. Make sure they have everything they need before you submit your first invoice. Some of possible documentation requirements may include:
  • A copy of the contract executed (signed) by you and a representative of the company.
  • A purchase order prepared by the client authorizing payment for the cost of the total project.
  • An invoice from you, signed by the client.

Be appreciative of the efforts of the accountants and clerical staff and make it easy for the company to pay you. You will enjoy enhanced cash flow throughout your consulting life.

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